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REGISTERED NUMBER: 08908953 (England and Wales)













Unaudited Financial Statements

for the Period 1 October 2022 to 30 June 2023

for

Peratech Holdco Ltd

Peratech Holdco Ltd (Registered number: 08908953)






Contents of the Financial Statements
for the Period 1 October 2022 to 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Peratech Holdco Ltd

Company Information
for the Period 1 October 2022 to 30 June 2023







DIRECTORS: D S Balderston
J S M Stark
E P Stradling
W M Beckenbaugh
M D Levin
S H Margolis





REGISTERED OFFICE: IPS Innovate
Unit 9
Chartermark Way
Catterick Garrison
North Yorkshire
DL9 4QJ





REGISTERED NUMBER: 08908953 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Peratech Holdco Ltd (Registered number: 08908953)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 858,440 794,599
Tangible assets 5 109,303 145,838
Investments 6 96,420 96,420
1,064,163 1,036,857

CURRENT ASSETS
Stocks 5,053 5,960
Debtors 7 611,998 873,546
Cash at bank and in hand 24,475 209,174
641,526 1,088,680
CREDITORS
Amounts falling due within one year 8 4,463,743 2,684,017
NET CURRENT LIABILITIES (3,822,217 ) (1,595,337 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,758,054

)

(558,480

)

CREDITORS
Amounts falling due after more than one
year

9

23,333

30,833
NET LIABILITIES (2,781,387 ) (589,313 )

CAPITAL AND RESERVES
Called up share capital 11 1,030,536 1,030,356
Share premium 26,690,511 26,240,691
Retained earnings (30,502,434 ) (27,860,360 )
SHAREHOLDERS' FUNDS (2,781,387 ) (589,313 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Peratech Holdco Ltd (Registered number: 08908953)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2023 and were signed on its behalf by:





D S Balderston - Director


Peratech Holdco Ltd (Registered number: 08908953)

Notes to the Financial Statements
for the Period 1 October 2022 to 30 June 2023

1. STATUTORY INFORMATION

Peratech Holdco Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

The accounting period was shortened to 30 June therefore the current period represents 9 months of trade and the prior period represents 12 months.

Going Concern
The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. However, the validity of the going concern basis is dependent upon the continued support of the company's creditors, directors and ongoing investment from existing shareholders.

During the current and prior periods the company reached an agreement with investors to inject capital into the business to meet running costs for a further eighteen months. For this reason, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

If the company is unable to continue to trade, adjustments would be required to reduce the value of the assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Preparation of consolidated financial statements
The financial statements contain information about Peratech Holdco Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those concluded under normal market conditions.

Peratech Holdco Ltd (Registered number: 08908953)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 30 June 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sale of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Income Recognition
Income is recognised at point of sale.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is recognised at cost less any provision for permanent diminution in value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Peratech Holdco Ltd (Registered number: 08908953)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 30 June 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in subsidiary undertakings are recognised at cost less any provision for permanent diminution in value.

Share based payments
Peratech Holdco Limited issues equity-settled share options to certain employees within the Company. Equity-settled share-based payment transactions are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of the grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting year, based on Peratech Holdco Limited's estimate of shares that will eventually vest, and adjusted for the effect of non market-based vesting conditions.

Government grants
Government grants received are matched with the expenditure incurred. Revenue grants are taken to the profit and loss account in the period the expense is incurred. Capital grants are released over the life of the related asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 October 2022 2 1,944,283 1,944,285
Additions - 283,376 283,376
At 30 June 2023 2 2,227,659 2,227,661
AMORTISATION
At 1 October 2022 - 1,149,686 1,149,686
Amortisation for period - 219,535 219,535
At 30 June 2023 - 1,369,221 1,369,221
NET BOOK VALUE
At 30 June 2023 2 858,438 858,440
At 30 September 2022 2 794,597 794,599

Peratech Holdco Ltd (Registered number: 08908953)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 30 June 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 540,161 28,973 268,092 837,226
Additions 1,188 - 12,602 13,790
At 30 June 2023 541,349 28,973 280,694 851,016
DEPRECIATION
At 1 October 2022 456,617 11,499 223,272 691,388
Charge for period 28,679 4,685 16,961 50,325
At 30 June 2023 485,296 16,184 240,233 741,713
NET BOOK VALUE
At 30 June 2023 56,053 12,789 40,461 109,303
At 30 September 2022 83,544 17,474 44,820 145,838

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 June 2023 96,420
NET BOOK VALUE
At 30 June 2023 96,420
At 30 September 2022 96,420

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 50,109
Other debtors 566,626 764,498
VAT 7,502 12,540
Prepayments and accrued income 37,870 46,399
611,998 873,546

Peratech Holdco Ltd (Registered number: 08908953)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 33,000 10,000
Convertible loan notes 2,650,000 1,580,000
Trade creditors 392,762 259,346
Amounts owed to group undertakings 19,003 3,448
Taxation and social security 21,859 154,300
Other creditors 785,525 304,622
Directors' current accounts 19,999 -
Accruals and deferred income 541,595 372,301
4,463,743 2,684,017

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 13,333 20,833
23,333 30,833

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 2,902 2,902

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:
Nominal
value:
2023
£

2022
£
243,490 Ordinary £1 243,490 243,490
778,812 Preferred A £1 778,812 778,812
605,404 B1 Ordinary £0.01 6,054 6,054
125,000 A1 Ordinary £0.01 1,250 1,250
75,000 A2 Ordinary £0.01 750 750
18,000 B2 Ordinary £0.01 180 -
1,030,536 1,030,356

12. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market condition, except for those shown below:

2023 2022
£ £
Amounts due to directors 19,999 -
Amounts due to shareholder 100,000 -
No interest has been charged.

Peratech Holdco Ltd (Registered number: 08908953)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 30 June 2023

13. SHARE-BASED PAYMENT TRANSACTIONS

The company has a Share Option Scheme in place, the directors believe the fair value of the options granted to be £Nil as at 30 June 2023 due to the current EBITDA of the company.

The number of share options in issue as at 30 June 2023 is 317,881 (2022: 313,274) with 4,607 being issued (2022: 264,631) and a reversal of nil in the year ended 30 June 2023 (2022: nil).

The company also has issued a number of share warrants in the year. Again the directors believe the fair value to be £Nil as at 30 June 2023.